With the proliferation of mobile devices, the card payment industry is moving toward payment using the equivalent of a chipcard stored on the mobile device. For mobile payment, the same data and algorithms can be stored on a mobile device, and the payment credential is still called a “card” even though is no longer physically resides in a plastic card. As used herein, the word “card” means this type of card on a mobile device.
The “Europay, Mastercard and Visa” (EMV) consortium has defined specifications for mobile cards that work within a secure payment infrastructure. All major card brands, including Visa, Mastercard, American Express, Discover, etc., have developed card specifications that derive from the EMV specifications.
In some variants, the card contains secret cryptographic keys that are stored securely and that are used to digitally sign transaction data relating to a potential transaction, such as a credit card transaction or a debit card transaction. The digitally signed transaction data may be used to verify the transaction, which may provide enhanced security relative to a conventional credit/debit card transaction. Such a card can be used, for example, at a merchant point of sale (POS) terminal, an automatic teller machine (ATM) or other location that provides an NFC reader.